Total monthly cost of ownership
Cost to Own a Home in Norway, Maine
A $121,000 home here costs
$1,142per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $49,000 a year.
A standard mortgage calculator would have told you $660. The real number is $482 higher every month, 73% more than the payment most buyers budget for.
Compare Oxford County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Norway from a five-year rolling sample, and with about 3,145 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Oxford County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Norway against Oxford County and Maine
| Measure | Norway | Oxford County |
|---|---|---|
| Median home value | $121,200 | $192,300 |
| Median property tax | $1,213 | $2,103 |
| Effective tax rate | 1.001% | 1.094% |
| Median gross rent | $758 | $807 |
| Population | 3,145 | 58,728 |
The weather behind that power bill
Norway sits in Oxford County, which averages a high of 79.1°F in its hottest month and a low of 6.5°F in its coldest, with 47.23" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 264 cooling and 8,287 heating degree days, which is what sets the $177 electricity line above.
See the full climate breakdown for Oxford County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Oxford County
Talk to someone who works this market
These are Norway averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Norway every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Norway I already own here and may sell
Common questions
How much does it cost to own a home in Norway?
A $121,000 home in Norway, Maine costs approximately $1,142 per month with 20% down at 7.24%. That is $660 principal and interest, $101 property tax, $36 homeowners insurance, $245 utilities and $101 set aside for maintenance.
What is the property tax rate in Norway?
Norway has an effective property tax rate of 1.001%, based on a median home value of $121,200 and median real estate taxes of $1,213. That is lower than the Oxford County average of 1.094%.
What is the average home price in Norway?
The median owner-occupied home value in Norway, Maine is $121,200, against $192,300 across Oxford County.
Is it cheaper to rent or buy in Norway?
Median gross rent in Norway is $758 a month, against $1,142 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Norway?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Norway, Maine at today's rate takes a household income of roughly $49,000 a year. That covers the full $1,142 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Norway, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Maine.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.